This news release contains forward-looking statements. For a
description of the related risk factors and assumptions, please see
the section entitled "Caution Concerning Forward-Looking
Statements" later in this news release.
MONTRÉAL, Nov. 7, 2024
/PRNewswire/ - BCE Inc. (BCE) today announced that the Toronto
Stock Exchange (the "TSX") has accepted a notice filed by BCE of
its intention to renew its normal course issuer bid ("NCIB") to
purchase up to 10% of the public float of each series of BCE's
outstanding First Preferred Shares that are listed on the TSX (the
"Preferred Shares"). The period of the NCIB will extend from
November 11, 2024 to November 10, 2025, or an earlier date should BCE
complete its purchases under the NCIB. BCE will pay the prevailing
market price at the time of acquisition for any Preferred Shares
purchased plus brokerage fees payable by BCE (except with respect
to purchases made under an issuer bid exemption order, which will
be at a discount to the prevailing market price), and all Preferred
Shares acquired by BCE under the NCIB will be cancelled.
The actual number of Preferred Shares repurchased under the NCIB
and the timing of such repurchases will be at BCE's discretion and
shall be subject to the limitations set out in the TSX Company
Manual.
The NCIB will be conducted through a combination of
discretionary transactions and purchases under an automatic
securities purchase plan through the facilities of the TSX as well
as alternative trading systems in Canada, if eligible, or by such other means as
may be permitted by securities regulatory authorities, including
pre-arranged crosses, exempt offers, private agreements under an
issuer bid exemption order issued by securities regulatory
authorities and block purchases of Preferred Shares. Purchases made
under an issuer bid exemption order will be at a discount to the
prevailing market price.
Under the NCIB, BCE is authorized to repurchase shares of each
respective series of the Preferred Shares as follows:
|
Series
|
Ticker
|
Issued and
Outstanding
Shares(1)
|
Public
Float(1)
|
Average Daily
Trading
Volume(2)
|
Maximum Number
of
Shares Subject to
Purchase
|
|
|
|
|
|
Total(3)
|
Daily(4)
|
|
R
|
BCE.PR.R
|
7,620,200
|
7,620,200
|
4,265
|
762,020
|
1,066
|
|
S
|
BCE.PR.S
|
2,013,867
|
2,013,867
|
1,653
|
201,386
|
1,000
|
|
T
|
BCE.PR.T
|
5,193,033
|
5,193,033
|
3,461
|
519,303
|
1,000
|
|
Y
|
BCE.PR.Y
|
6,007,652
|
6,007,652
|
4,863
|
600,765
|
1,215
|
|
Z
|
BCE.PR.Z
|
2,665,831
|
2,665,831
|
1,733
|
266,583
|
1,000
|
|
AA
|
BCE.PR.A
|
11,202,331
|
11,202,331
|
8,483
|
1,120,233
|
2,120
|
|
AB
|
BCE.PR.B
|
6,432,139
|
6,432,139
|
7,945
|
643,213
|
1,986
|
|
AC
|
BCE.PR.C
|
6,330,674
|
6,330,674
|
3,531
|
633,067
|
1,000
|
|
AD
|
BCE.PR.D
|
11,880,838
|
11,880,838
|
12,036
|
1,188,083
|
3,009
|
|
AE
|
BCE.PR.E
|
5,863,513
|
5,863,513
|
7,429
|
586,351
|
1,857
|
|
AF
|
BCE.PR.F
|
9,005,387
|
9,005,387
|
7,298
|
900,538
|
1,824
|
|
AG
|
BCE.PR.G
|
8,413,630
|
8,413,630
|
5,780
|
841,363
|
1,445
|
|
AH
|
BCE.PR.H
|
4,669,570
|
4,669,570
|
3,701
|
466,957
|
1,000
|
|
AI
|
BCE.PR.I
|
9,058,240
|
9,058,240
|
6,697
|
905,824
|
1,674
|
|
AJ
|
BCE.PR.J
|
3,895,960
|
3,895,960
|
2,962
|
389,596
|
1,000
|
|
AK
|
BCE.PR.K
|
21,545,712
|
21,545,712
|
17,801
|
2,154,571
|
4,450
|
|
AL
|
BCE.PR.L
|
1,730,888
|
1,730,888
|
883
|
173,088
|
1,000
|
|
AM
|
BCE.PR.M
|
9,986,278
|
9,986,278
|
8,948
|
998,627
|
2,237
|
|
AN
|
BCE.PR.N
|
1,011,822
|
1,011,822
|
835
|
101,182
|
1,000
|
|
AQ
|
BCE.PR.Q
|
8,121,514
|
8,121,514
|
4,918
|
812,151
|
1,229
|
|
(1)
|
As of October 31,
2024.
|
|
(2)
|
For the 6 months ended
October 31, 2024.
|
|
(3)
|
Represents
approximately 10% of the public float in respect of each series of
Preferred Shares.
|
|
(4)
|
Represents the maximum
number of shares of each series of Preferred Shares that may be
purchased over the TSX (or alternative trading systems in Canada,
if eligible) during the course of one trading day. This amount is
equal to the greater of (i) 25% of the average daily trading
volume on the TSX calculated in accordance with the rules of the
TSX, and (ii) 1,000 shares. This limitation does not apply to
purchases made pursuant to block purchase exemptions.
|
BCE is making this NCIB because it believes that, from time to
time, the Preferred Shares may trade in price ranges that do not
fully reflect their value. BCE believes that, in such
circumstances, the repurchase of its Preferred Shares represents an
appropriate use of its available funds.
As of October 31, 2024, under its
current normal course issuer bid that commenced on November 9, 2023 and will expire on November 8, 2024, and for which the company
received approval from the TSX, BCE purchased, through the
facilities of the TSX and alternative eligible trading systems,
Preferred Shares as follows:
|
Series
|
Ticker
|
Maximum Number
of Shares
Subject to Purchase
|
Number of Shares
Purchased
|
Weighted Average
Price
Paid per Security
|
|
R
|
BCE.PR.R
|
789,480
|
271,700
|
$15.67
|
|
S
|
BCE.PR.S
|
206,496
|
50,500
|
$18.34
|
|
T
|
BCE.PR.T
|
535,483
|
153,800
|
$17.20
|
|
Y
|
BCE.PR.Y
|
666,705
|
558,700
|
$18.38
|
|
Z
|
BCE.PR.Z
|
278,569
|
119,867
|
$17.34
|
|
AA
|
BCE.PR.A
|
1,160,466
|
392,430
|
$16.80
|
|
AB
|
BCE.PR.B
|
705,563
|
587,200
|
$18.47
|
|
AC
|
BCE.PR.C
|
650,577
|
170,900
|
$17.39
|
|
AD
|
BCE.PR.D
|
1,267,112
|
738,788
|
$18.36
|
|
AE
|
BCE.PR.E
|
609,791
|
179,400
|
$18.41
|
|
AF
|
BCE.PR.F
|
914,538
|
89,200
|
$16.67
|
|
AG
|
BCE.PR.G
|
863,693
|
143,400
|
$15.25
|
|
AH
|
BCE.PR.H
|
487,837
|
164,300
|
$18.37
|
|
AI
|
BCE.PR.I
|
936,254
|
201,400
|
$16.15
|
|
AJ
|
BCE.PR.J
|
427,996
|
331,400
|
$18.26
|
|
AK
|
BCE.PR.K
|
2,245,531
|
890,200
|
$15.07
|
|
AL
|
BCE.PR.L
|
176,118
|
29,300
|
$16.68
|
|
AM
|
BCE.PR.M
|
1,025,397
|
263,500
|
$15.42
|
|
AN
|
BCE.PR.N
|
104,232
|
29,800
|
$17.09
|
|
AQ
|
BCE.PR.Q
|
841,041
|
233,500
|
$22.10
|
BCE will enter into an automatic securities purchase plan
("ASPP") with a designated broker in relation to the NCIB on or
about the commencement date of the NCIB. The ASPP will allow for
the purchase of Preferred Shares, subject to certain trading
parameters, at times when BCE ordinarily would not be active in the
market due to applicable regulatory restrictions or self-imposed
trading black-out periods. Outside of these periods, the Preferred
Shares will be repurchased by BCE at its discretion under the
NCIB.
About BCE
BCE is Canada's largest communications company,5
providing advanced Bell broadband Internet, wireless, TV, media and
business communications services. To learn more, please visit
Bell.ca or BCE.ca.
Through Bell for Better, we are investing to create a better
today and a better tomorrow by supporting the social and economic
prosperity of our communities. This includes the Bell Let's Talk
initiative, which promotes Canadian mental health with national
awareness and anti-stigma campaigns like Bell Let's Talk Day and
significant Bell funding of community care and access, research and
workplace initiatives throughout the country. To learn more, please
visit Bell.ca/LetsTalk.
|
5 Based on
total revenue and total combined customer connections.
|
Media inquiries
Ellen
Murphy
media@bell.ca
Investor inquiries
Richard
Bengian
Richard.bengian@bell.ca
Caution Concerning Forward-Looking
Statements
Certain statements made in this news release are forward-looking
statements, including statements relating to potential future
purchases by BCE of its Preferred Shares pursuant to the NCIB and
ASPP. All such forward-looking statements are made pursuant to the
"safe harbour" provisions of applicable Canadian securities laws
and of the United States Private Securities Litigation Reform Act
of 1995. Forward-looking statements are subject to inherent risks
and uncertainties and are based on several assumptions which give
rise to the possibility that actual results or events could differ
materially from our expectations. These statements are not
guarantees of future performance or events and we caution you
against relying on any of these forward-looking statements. There
can be no assurance that BCE will repurchase all or any of the
numbers of Preferred Shares referred to in this news release under
the NCIB. In particular, the purchase by BCE of its Preferred
Shares pursuant to the NCIB will depend, among other, on the
prevailing market price from time to time of the Preferred Shares.
The forward-looking statements contained in this news release
describe our expectations at the date of this news release and,
accordingly, are subject to change after such date. Except as may
be required by applicable securities laws, we do not undertake any
obligation to update or revise any forward-looking statements
contained in this news release, whether as a result of new
information, future events or otherwise. Forward-looking statements
are provided herein for the purpose of giving information about the
potential future purchases of Preferred Shares by BCE pursuant to
the NCIB and ASPP referred to above. Readers are cautioned that
such information may not be appropriate for other purposes. For
additional information on assumptions and risks underlying certain
of our forward-looking statements made in this news release, please
consult BCE's 2023 Annual MD&A dated March 7, 2024, BCE's
2024 First Quarter MD&A dated May 1,
2024, BCE's 2024 Second Quarter MD&A dated July 31, 2024, BCE's 2024 Third Quarter MD&A
dated November 6, 2024 and BCE's news
release dated November 7, 2024
announcing its financial results for the third quarter of 2024,
filed by BCE with the Canadian securities regulatory authorities
(available at Sedarplus.com) and with the U.S. Securities and
Exchange Commission (available at SEC.gov). These documents are
also available at BCE.ca.
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SOURCE Bell Canada